Scribd
Upload
114 views

Loss by Roberry 3 Months After Death Unpaid Income Tax For 2014 Legacy in Favor of Philippines National Red Cross Legacy To City of Makati

The document provides details of an estate including gross assets of $4.2 million consisting of cash, investments, a car, and shares. Total expenses of $1.86 million including funeral costs, taxes, and legacies are listed. The net taxable estate is calculated at $2.76 million. Estate taxes due are determined to be $218,181.

Uploaded by

Claire Barba
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
114 views

Loss by Roberry 3 Months After Death Unpaid Income Tax For 2014 Legacy in Favor of Philippines National Red Cross Legacy To City of Makati

The document provides details of an estate including gross assets of $4.2 million consisting of cash, investments, a car, and shares. Total expenses of $1.86 million including funeral costs, taxes, and legacies are listed. The net taxable estate is calculated at $2.76 million. Estate taxes due are determined to be $218,181.

Uploaded by

Claire Barba
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
You are on page 1/ 7

1.

QUESTION
Gross estate
Cash in bank, Makati City
Investment in a Domestic Partnership
Car
Foreign shares, Japan-based company with 40% business in the Philippines
Domestic shares
Accounts Receivable from a debtor residing in Japan. Debtor is fully
Total

EXPENSES, CHARGES AND OBLIGATIONS:


Funeral expenses:
Actual
5% gross estate ( P 4,200,000.00)
Maximum
Allowed
Judicial expenses
Claiming insolvent person
Loss by roberry 3 months after death
Unpaid income tax for 2014
Legacy in favor of Philippines National Red Cross
Legacy to City of Makati
SPECIAL DEDUCTIONS:
Standard Deductions

NET TAXABLE ESTATE

ESTATE TAX
On P2,000,000
340000 x 11%
₱ 2,340,000.00
₱ 1,200,000.00
₱ 1,000,000.00
₱ 700,000.00
₱ 700,000.00
₱ 500,000.00
₱ 100,000.00
₱ 4,200,000.00

₱ 150,000.00
₱ 210,000.00
₱ 200,000.00
₱ 150,000.00
₱ 100,000.00
₱ 100,000.00
₱ 200,000.00
₱ 160,000.00
₱ 50,000.00
₱ 100,000.00

₱ 1,000,000.00 ₱ 1,860,000.00

₱ 2,340,000.00

₱ 135,000.00
₱ 37,400.00
₱ 172,400.00
Gross estate
Cash in bank, Makati City
Investment in a Domestic Partnership
Car
Domestic shares
Total

EXPENSES, CHARGES AND OBLIGATIONS:


Funeral expenses:
Actual
5% gross estate ( P 4,200,000.00)
Maximum
Allowed
Judicial expenses
Loss by roberry 3 months after death
Unpaid income tax for 2014

3,400,000.00/4,200,000 * 610,000
Legacy in favor of Philippines National Red Cross
Legacy to City of Makati

NET TAXABLE ESTATE

ESTATE TAX
On P2,000,000
756,190.48 x 11%
₱ 2,765,190.48
₱ 1,200,000.00
₱ 1,000,000.00
₱ 700,000.00
₱ 500,000.00
₱ 3,400,000.00

₱ 150,000.00
₱ 170,000.00
₱ 200,000.00
₱ 150,000.00
₱ 100,000.00
₱ 200,000.00
₱ 160,000.00
₱ 610,000.00

₱ 493,809.52
₱ 50,000.00
₱ 100,000.00 ₱ 643,809.52

₱ 2,756,190.48

₱ 135,000.00
₱ 83,180.95
₱ 218,180.95 0R 218,181.00
Gross estate
Car

Total

EXPENSES, CHARGES AND OBLIGATIONS:


Funeral expenses:
Actual
5% gross estate ( P 4,200,000.00)
Maximum
Allowed
Judicial expenses
Loss by roberry 3 months after death
Unpaid income tax for 2014

700,000.00/4,200,000 * 495,000
Legacy in favor of Philippines National Red Cross
Legacy to City of Makati

NET TAXABLE ESTATE

ESTATE TAX
On P200,000
267,500 x 5%
₱ 467,500.00
₱ 700,000.00

₱ 700,000.00

₱ 150,000.00
₱ 35,000.00
₱ 200,000.00
₱ 35,000.00
₱ 100,000.00
₱ 200,000.00
₱ 160,000.00
₱ 495,000.00

₱ 82,500.00
₱ 50,000.00
₱ 100,000.00 ₱ 232,500.00

₱ 467,500.00

EXEMPT
₱ 13,375.00
₱ 13,375.00

You might also like